The $218m AUM PGIM Jennison Global Equity Opportunities fund has boosted its exposure to some of the largest US tech names including Amazon and Netflix, with the management team targeting opportunities "on sale" as a result of the coronavirus-related sell-off, according to portfolio manager Mark Baribeau.
Baribeau, who manages the fund alongside Thomas Davis, said the team had been mindful that it would be "a mistake to overreact and become too defensive", and have been establishing new positions within the tech space with Apple and Adobe. ETF investors face highest risk as oil volatility batters energy funds He explained the fund had added to Amazon, which at 6.8% of the portfolio is its largest holding, noting that he "would not be surprised" if the firm "delivers better-than-expected" earnings in the first quarter of this year. Baribeau said: "Amazon…is continuing to hire workers...
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